MGM Mirage Plans Stock Split
MGM Mirage
(MGG)
announced a 2-for-1 stock split Wednesday.
The split is still subject to shareholder approval at the company's annual meeting on May 3.If approved, shareholders at the close of business on May 4 would receive one additional share of common stock for each share owned.
As of Monday, MGM Mirage had about 143.3 million shares outstanding. The stock was up 76 cents, or 1.0%, at $74.53 in premarket trading Wednesday.
"The stock split reflects the board's optimism for the future of our company," said Terry Lanni, the company's CEO, in a news release. "We are very pleased with our 2004 performance and have strong expectations for the coming years."
The release also said MGM Mirage's acquisition of
Mandalay Resort Group
(MBG)
was "on track" to close by the end of this month. The merger has already received the approval of federal and Nevada regulators.